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The neuroprosthetics market size is forecast to increase by USD 5.68 billion at a CAGR of 10.03% between 2023 and 2028.
The neuroprosthetics industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Neuromodulation devices, which provide electrical stimulation to the nervous system, offer significant potential in restoring impaired neural functions. These devices are particularly beneficial for managing movement disorders and chronic pain that are resistant to pharmacological interventions. Three primary types of neuromodulation exist: deep brain stimulation (DBS), spinal cord stimulation (SCS), and peripheral nerve stimulation. These devices are adjustable and reversible, enabling physicians to fine-tune electrical parameters using external programmers. Indications include conditions such as Parkinson's disease, essential tremor, primary dystonia, and peripheral vascular disease. Comprised of a lead, extension wires, and a neurostimulator, these devices are employed when pharmacological treatments prove insufficient.
Neuromodulation is a promising solution for addressing neurological disorders, nerve injuries, hearing loss, Alzheimer's Disease, Parkinson's Disease, traumatic brain injury, and various chronic diseases. The aging population, with conditions like dementia, epilepsy, visual impairment, blindness, severe depression, auditory disorders, cardiovascular disorders, and kidney disorders, can significantly benefit from these advanced technologies.
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The Neuromodulation devices segment was valued at USD 4.84 billion in 2018 and showed a gradual increase during the forecast period.
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Neuroprosthetics, a subset of medical devices, have gained significant attention in healthcare due to their potential to alleviate symptoms of various neurological disorders. In 2023, North America held the largest market share In the global neuroprosthetics industry, driven by a high prevalence of conditions such as Alzheimer's Disease, Parkinson's Disease, epilepsy, and traumatic brain injuries. For instance, Alzheimer's Disease affects approximately 5.8 million Americans, with the number projected to triple by 2060. Neuroprosthetic devices, including deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, and sacral nerve stimulation, are used to treat these chronic conditions. Neurostimulators, embedded systems, and external/wearable devices are popular types of neuroprosthetics.
Neurological disorders, nerve injuries, hearing loss, and visual impairment are some of the primary indications for neuroprosthetics. As the aging population increases, the demand for neuroprosthetics to address physiological disorders, motor neuron disorders, and cardiovascular, kidney, and auditory disorders is expected to rise. Key neuroprosthetic applications include Parkinson's disease, Alzheimer's disease, and severe depression. The Netherlands, with its advanced healthcare infrastructure, is a significant contributor to The market.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising prevalence of SCIs is the key driver of the market.
Increasing focus on research is the upcoming market trend.
What challenges does the Neuroprosthetics Industry face during its growth?
High cost of neuroprosthetics products is a key challenge affecting the industry growth.
Exclusive Customer Landscape
The neuroprosthetics market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the neuroprosthetics market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, neuroprosthetics market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
Abbott Laboratories - The market encompasses advanced technologies designed to restore, replace, or enhance the function of the nervous system. One notable innovation is St. Jude Medical's Invisible Trial System for spinal cord stimulation. This neuroprosthetic device enables patients to evaluate the effectiveness of spinal cord stimulation therapy without the need for invasive surgical procedures. By providing a non-surgical option for trial, this system streamlines the decision-making process for both patients and healthcare providers. The Invisible Trial System represents a significant advancement In the field of neuroprosthetics, offering a less invasive approach to spinal cord stimulation therapy.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market: Overview Neuroprosthetics, a subfield of biomedical engineering, refers to the development of artificial devices that interface with the nervous system to restore, replace, or enhance its function. These devices have gained significant attention in recent years due to their potential to address various neurological conditions and disabilities. The market is driven by several factors, including the increasing prevalence of chronic neurological disorders, advancements in technology, and growing healthcare awareness. Neurological disorders, such as Parkinson's disease, Alzheimer's disease, epilepsy, and motor neuron disorders, affect millions of people worldwide, creating a substantial demand for effective treatment options. Moreover, an aging population and the increasing incidence of traumatic brain injuries have further fueled the growth of the market.
The market is also witnessing significant advancements in technology, with the development of more sophisticated neurostimulators, embedded systems, and local field potential technologies. The market Dynamics the market is characterized by continuous innovation and research, driven by the need to address various neurological conditions and disabilities. Deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, and sacral nerve stimulation are some of the commonly used neuroprosthetic therapies. Deep brain stimulation involves the implantation of electrodes In the brain to deliver electrical impulses, which can help alleviate symptoms of Parkinson's disease and other movement disorders. Spinal cord stimulation, on the other hand, is used to treat chronic pain by delivering electrical impulses to the spinal cord.
Vagus nerve stimulation is another promising neuroprosthetic therapy, which has shown potential in treating various conditions, including epilepsy, depression, and anxiety. Sacral nerve stimulation is used to treat urinary incontinence and fecal incontinence. The market for neuroprosthetics is also witnessing the development of external/wearable devices, such as cochlear implants and retinal implants, which can help restore sensory functions. Cochlear implants, for instance, can help restore hearing in individuals with severe hearing loss, while retinal implants can help restore vision in individuals with blindness. The increasing disposable incomes and the growing awareness of various neurological conditions are expected to drive the demand for neuroprosthetic devices In the coming years.
However, the high cost of these devices and the complex nature of their implementation remain significant challenges for the market. In conclusion, the market is poised for significant growth, driven by the increasing prevalence of neurological disorders, advancements in technology, and growing healthcare awareness. The market is characterized by continuous innovation and research, with various neuroprosthetic therapies, such as deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, and sacral nerve stimulation, showing promising results in treating various neurological conditions and disabilities. The development of external/wearable devices, such as cochlear implants and retinal implants, is also expected to drive the growth of the market In the coming years.
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Market Scope |
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Report Coverage |
Details |
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Page number |
148 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.03% |
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Market growth 2024-2028 |
USD 5675.7 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.88 |
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Key countries |
US, China, Japan, Germany, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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